Posted 2 years ago on March 3, 2013, 9:27 p.m. EST by GirlFriday
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McClendon, who has agreed to step down as president and CEO by April 1, has profited from an arrangement that gives him with a share in every well drilled by the company.
Chesapeake faces several shareholder lawsuits for deals it has cut with McClendon. In addition to granting him a personal stake in company wells, the company purchased his personal map collection and co-sponsored his basketball team. Reuters reported in April that McClendon had borrowed more than $1 billion from one of Chesapeake’s business partners.
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